MONTREAL, QC and VICTORIA, BC, Aug. 23, 2016 /CNW Telbec/ - Ivanhoé Cambridge announced today that it will invest $72 million to expand and redevelop Mayfair Shopping Centre, located in Victoria, British Columbia.

The significant investment will increase the gross leasable area from 454,000 ft2 (42,180 m2) today to approx. 554,000 ft2 (51,470 m2) after completion in the fall of 2018. The expansion will be executed along the Douglas Street frontage.

More great brands and new categoriesThe 100,000 ft2 (approx. 9 290 m2) expansion will be anchored by two new large format stores. Discussions are ongoing with several brands that seek to establish their flagship location. When completed, the centre's strong existing merchants roster will be further enhanced with new fashion, lifestyle and specialty apparel retailers and additional merchandise categories further solidifying Mayfair's position as Victoria's premier shopping destination.

"With this strategic investment, we support Mayfair's dominant market position on Vancouver Island", said Claude Sirois, President, Ivanhoé Cambridge Retail. "Not only will this project increase the centre's offering but it will also bring changes that will go a long way in meeting our customers' high expectations of a high quality shopping centre."

More rooftop parking Two levels of additional rooftop parking will also be constructed, connected by a new access ramp off Finlayson Street. This new access will improve the overall functionality of the existing roof parking, which is currently only accessible via Tolmie Ave.

Interior renovationThe expansion is being complemented by a comprehensive interior renovation of the property. The work will include new washrooms, flooring, wayfinding signage, paint, furnishings and enhanced lighting for the common areas. The internal renovation will also simplify the circulation of the common areas which will further enhance the shopping experience.

Enhanced access points to the propertyTo support the expansion, extra loading provisions for large format tenants will be provided. A new set of escalators and elevators will improve the connection to the rooftop parking. A new short term pick-up and drop-off zone with taxi waiting areas will be created, off Douglas Street to provide a convenient weather protected access to the main entry. The entry point to the lower level parking off Douglas Street will be relocated to align with a new signal at Speed Avenue allowing full movements into this convenient parking. New and enhanced wayfinding signage will be provided at all key entry points.

Mayfair Shopping Centre will remain open during the duration of the expansion and renovation, which is planned over the next 24 months.

About Mayfair Shopping Centre Welcoming over 4 million visitors annually, Mayfair Shopping Centre is Vancouver Island's premier shopping destination. It is home to over 120 stores, including Vancouver Island's only Banana Republic, Coach, MAC, Aritzia, Town Shoes, American Eagle, Aerie, Swarovski, and Pandora stores.